Automated Guided Vehicle (AGV) Market is Anticipated to Hold a Value Worth US$ 14.8 Billion by 2031: Transparency Market Research, Inc.

The growth of warehousing and logistics and the rise in adoption of Industry 4.0 is expected to drive market expansion during the forecast period

Wilmington, Delaware, United States, Sept. 20, 2023 (GLOBE NEWSWIRE) -- The global automated guided vehicle (AGV) market is projected to flourish at a CAGR of 12.2% from 2022 to 2031. As per the recent report published by Transparency Market Research, a valuation of US$ 14.8 billion is anticipated for the market in 2031. As of 2023, the market for automated guided vehicle (AGV) is expected to close at US$ 5.9 billion.

The growth of e-commerce and the need for efficient order fulfilment have driven demand for AGVs in warehouses and distribution centers to meet the demands of online shoppers. Increasing demand for automation in the automotive, healthcare, e-commerce, and food and beverage industries, driving the market demand for automated guided vehicles (AGV).

AGV-enabled industrial facility automation may assist in satisfying material handling capacity needs while also lowering production time, minimizing the risk of human mistakes, assuring high production volumes, improving safety, and boosting precision and repeatability.

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Market Snapshot:

 Report  Coverage Details
 Market Revenue USD 4.7 Bn
 Estimated Value USD 14.8 Bn
 Growth Rate - CAGR 12.2% 
 Forecast Period 2022-2031
 No. of Pages 240 Pages
 Market Segmentation By Type, Technology, End-use Industry
 Regions Covered North America, Europe, Asia Pacific, Middle East & Africa, South America
 Companies Covered Addverb Technologies Limited, Aichi Machine Industry Co., Ltd., China SME Group Co., Ltd, Konecranes., Daifuku Co., Ltd., Egemin Automation Inc., GreyOrange, Gridbots, JBT, KOLEC (Nakanishi Metal Works Co., Ltd.), KUKA AG, Murata Machinery, Ltd., Oceaneering International, Inc., Shenzhen Mircolomay Technology Co., Ltd., System Logistics S.p.A., Toyota Industries Corporation, Other Key Players

Key Takeaways from the Market Study

  • As of 2022, the coffee servers market was valued at US$ 5.2 billion
  • By type, the automated guided cart (AGC) type segment is likely to dominate the industry in the near future. AGCs are highly effective in automating various transportation and assembly line processes  
  • Based on technology, the magnetic guidance segment is anticipated to hold the largest share during 2022-2031. AGCs often prefer magnetic guidance to navigate through predefined paths
  • Based on end-use industry, the commercial segment is expected to generate high revenue during the forecast period, due to the increased demand in restaurants, hotels, and coffee shops.

Automated Guided Vehicle (AGV) Market: Key Trends and Opportunistic Frontiers

  • Advanced technologies such as telematics services and laser, magnetic, infrared, and optical navigation are being introduced in automated guided vehicles. 
  • Advancements in navigation technologies have facilitated the development and use of automated forklifts in warehouse management and material and goods transport at ports and terminals.

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Automated Guided Vehicle (AGV) Market – Regional Analysis

  • Asia Pacific is anticipated to dominate the global automated guided vehicle (AGV) market during the forecast period. The expanding manufacturing sector, e-commerce boom, and investment in automation drive the market demand in the region.
  • North America dominated the global automated guided vehicle (AGV) market owing to the presence of numerous consumer-centric industries coupled with high-quality research and development in the field of robotics and automation. Increasing demand for AGVs within consumer goods, automotive, food and beverage, oil and gas, and healthcare sectors is another factor that is fueling the market growth. 

Competitive Landscape

The global automated guided vehicle (AGV) market is fragmented, with the presence of a small number of leading players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global automated guided vehicle (AGV) market report:

  • Addverb Technologies Limited
  • Aichi Machine Industry Co., Ltd.
  • China SME Group Co., Ltd
  • Konecranes.
  • Daifuku Co., Ltd.
  • Egemin Automation Inc.
  • GreyOrange
  • Gridbots
  • JBT
  • KOLEC (Nakanishi Metal Works Co., Ltd.)
  • Murata Machinery, Ltd.
  • Oceaneering International, Inc.
  • Shenzhen Mircolomay Technology Co., Ltd.
  • System Logistics S.p.A.
  • Toyota Industries Corporation
  • Other Key Players

Key Developments in the Automated Guided Vehicle (AGV) Market

  • JBT Corporation, known for its AGVs in the material handling and logistics sector, has been focusing on developing AGVs with advanced automation features, including machine learning algorithms for improved navigation and control.
  • Toyota Industries Corporation continues to innovate in the AGV space, emphasizing safety and efficiency. They have developed AGVs with integrated safety systems and advanced automation capabilities.
  • In July 2023 - KUKA expands its range of autonomous mobile robots (AMR) with the KMR iisy mobile cobot and KMP 1500P mobile platform. The KMR iisy mobile cobot moves quickly and safely through space for flexible use at various workstations in assembly and intralogistics, and as a robot service system. It includes the LBR iisy, with a payload capacity of 11 or 15 kg, and a mobile platform that can carry a supplementary load of up to 200 kg.
  • In August 2020, Murata Machinery, Ltd. signed a contract with Alpen Co. Ltd. for the construction of ALPHABOT, a 3D robot warehousing system. The ALPHABOT has been introduced at the Alpen Komaki Distribution Center, one of the main distribution centers, with the aim of complementing its storage capacity and reducing picking, sorting, and packaging operations by 60%.

Partial Table of Content (ToC):

1. Executive Summary

    1.1. Global Market Outlook

        1.1.1. Market Size, Thousand Units, US$ Bn, 2017-2031

    1.2. Competitive Dashboard Analysis

2. Market Overview

    2.1. TMR Analysis and Recommendations

    2.2. Market Coverage/Taxonomy

    2.3. Market Dynamics

        2.3.1. Drivers

        2.3.2. Restraints

        2.3.3. Opportunity

    2.4. Market Factor Analysis

        2.4.1. Porter’s Five Force Analysis

        2.4.2. SWOT Analysis

        2.4.3. Value Chain Analysis

    2.5. Regulatory Scenario

    2.6. Pricing Analysis

        2.6.1. Cost Structure Analysis

        2.6.2. Profit Margin Analysis

    2.7. COVID-19 Impact Analysis – Automated Guided Vehicle (AGV) Market

3. Key Industry Trends and Developments

4. Who Supplies Whom

    4.1. AGVs Makers

    4.2. Customers of AGVs

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Automated Guided Vehicle (AGV) Market – Key Segments


  • Forklift Vehicle
  • Assembly Line Vehicle
  • Automatic Guided Cart (AGC)
  • Towing Vehicle
  • Unit Load Carrier
  • Pallet Truck
  • Autonomous Mobile Robot
  • Others


  • Laser Guidance
  • Vision Guidance
  • Magnetic Guidance
  • Inductive Guidance
  • Optical Tape Guidance
  • Others

End-use Industry

  • Retail/Wholesale
  • Food/Pharma
  • Transport/Logistics
  • Manufacturing
  • Automotive
  • Ports/Terminals
  • Mining & Construction
  • Chemical/Energy
  • Forestry/Wood
  • Others


  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.


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